Was Selling Bitcoin Put Options a Failed Bet? Metaplanet CEO’s Unexpected Turnaround Strategy

▲ Metaplanet, Bitcoin (BTC)/ChatGPT-generated image ©

Metaplanet has become embroiled in controversy over alleged speculation and shareholder squeeze tactics surrounding its Bitcoin (BTC) options trading. In response, the company’s CEO has directly refuted the claims, asserting instead that the firm is using market volatility as a tool for asset accumulation, drawing significant attention from investors.

According to cryptocurrency media outlet CCN on February 20 (local time), Metaplanet CEO Simon Gerovich addressed a series of anonymous allegations posted on social media regarding the company’s derivatives trading and asset purchases, stating that the claims were inaccurate. An anonymous user claiming to hold 50,000 shares accused the company of buying large amounts of Bitcoin with proceeds from stock sales at the market peak last September and remaining silent until prices recovered, while also engaging in failed bets through put option sales that harmed shareholders.

The critic further alleged that the company concealed the exact interest rates agreed upon with lenders while securing loans backed by Bitcoin as collateral. The post also claimed that despite the decline of its legacy hotel business, the company was accumulating assets solely with shareholder funds rather than management capital, and that its put option contracts forced it either to purchase Bitcoin above market prices during downturns or absorb losses.

In response, Gerovich dismissed the accusations, emphasizing that all company wallet addresses are publicly disclosed and viewable in real time via a dashboard, making Metaplanet one of the most transparent publicly listed companies in the world. He acknowledged that the September purchases were made at a peak but noted they were disclosed immediately upon execution. Regarding the loans, he clarified that details such as collateral and purpose were disclosed in a timely manner, while the names of counterparties and interest rates were kept private at the request of the lending institutions.

Addressing the core controversy surrounding the put option strategy, Gerovich stressed that it was not a speculative directional bet. By selling put options, the company collects upfront premiums; if prices remain above the strike price, the premiums are retained as profit, and even if prices fall and the options are exercised, the collected premiums effectively lower the overall purchase price of Bitcoin. He argued that this approach monetizes volatility for shareholders and highlighted that the company’s key performance indicator—Bitcoin holdings per share—has surged more than 500% in 2025 alone as a result.

Metaplanet has now established itself as one of the largest Bitcoin-holding publicly traded companies and continues to pursue its proprietary financial strategy without hesitation. While its long-term success will depend on future market conditions, Gerovich maintains that with proper strategic management, even extreme price volatility can serve as a powerful tool for asset growth.

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